On January 11, 2017, ESMA published a follow-up report to the
2015 peer review on best execution. MiFID requires investment firms
to provide best execution for their clients when executing their
clients' orders. ESMA conducted a peer review on how national
regulators supervised and enforced the requirements in 2011 and
2012 and published the results in February 2015, recommending,
amongst other things: (i) prioritization of best execution by
national regulators; (ii) the allocation of supervisory resources;
and (iii) the adoption of a proactive approach to monitoring
compliance with best execution requirements, including through
onsite inspections. In 2016, ESMA began to assess whether national
regulators had taken steps to address the shortcomings identified
in the peer review. The 2017 report shows that national regulators
are being more proactive in their supervision of best execution.
However, there are still some deficiencies that need to be
addressed as some national regulators were not able to show
progress in relationship to deficiencies previously identified.
ESMA's view is that regular and proactive supervision and
monitoring of compliance with the best execution requirements is
the only way to ensure investor protection in this area. Firms will
continue to be subject to best execution requirements when the
MiFID II package comes into effect on January 3, 2018 and ESMA
urges national regulators to act to ensure that there is compliance
with best execution requirements by investment firms. ESMA's
2017 follow-up report is available at: https://www.esma.europa.eu/press-news/esma-news/esma-finds-improvement-in-regulators%E2%80%99-supervision-mifid-best-execution
and the 2015 peer review report is available
The new Administration and Congress are pursuing a multi-pronged approach to regulatory relief for financial services firms, with stated goals of reducing administrative burdens and complexity as a means to spur economic growth.
Following his campaign promise to dismantle the Dodd–Frank Wall Street Reform and Consumer Protection Act, Donald Trump issued an Executive Order on February 3, 2017 that set out "Core Principles" for regulating the financial system.
Overseas Shipping Group ("Overseas") recently sued its former attorneys, a prominent New York-based law firm, for legal malpractice in drafting credit agreements that resulted in the company incurring an estimated $463 million in tax liability.
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